Three of the best offshore current accounts out there

Contrary to what many people might think, offshore banking is not just for globetrotting millionaires who deposit millions in offshore banks to avoid paying tax. If you live, work or buy property abroad, it may be necessary for you too to transfer money between world currencies or bank accounts on a regular basis. These three best offshore current accounts offer excellent services and perks for anyone interested in opening an offshore current account.

1. Barclays International Banking

Starting us off on the three best offshore current accounts out there is Barclays International Banking. If you relocate to the UAE to live and work and need to continue with your UK financial links like UK mortgage commitments or the children's education, then Barclays International Banking is one of the best options for international banking in the market.

Barclays offers two unbeaten services for opening a local bank account in UAE to pay in your salary: the iBank service and relationship manager service. The iBank service has an attractive £10 monthly fee, but you must maintain at least £5,000 minimum monthly account balance. The relationship manager service has no monthly fee, but you must maintain a minimum account balance of at least £50,000 per month.

2. Citibank’s Citigold Current Account

If you make a lot of offshore money transfers like SWIFTS and CHAPS, you know offshore money transfer fees shoot up to significant amounts very quickly. Citibank’s Citigold Current Account offers free fund transfers and CHAPS payments, which is a wonderful relief. You also get free foreign currency accounts and cheque deposits.

In order to qualify for the Citigold Current Account and free fund transfers, you must have an account with Citibank International Personal Bank in Jersey or London or have an offshore banking investment of at least £25,000. In addition, you must credit your Citigold Current Account with at least £5,000 every month and maintain at least £50,000 average monthly account balance.

3. Lloyds TSB offshore Premier International Account

Last but not least on our list of best offshore current accounts is Lloyds TSB offshore Premier International Account. The standout feature of the Lloyds TSB offshore Premier International Account is that it offers free international money transfers between your US dollar, Sterling and Euro accounts.

Additionally, the Lloyds TSB offshore account gives you 24/7 access to your money through international phone and internet banking services. This is a fantastic offer because it helps you save huge on exchange rate and commission charges and also protects your money against currency fluctuations when zipping overseas.